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EUR/JPY hovers near 134.00 after impressive rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The euro managed to extend gains versus the Japanese yen and climbed briefly above the 134.00 level to post a fresh 6-week high as investors continue to digest ECB decision.

    EUR/JPY soared, climbing nearly 400 pips and reversing completely October and November losses in one single day, after the ECB cut the deposit rate to -0.3% and made some tweaks to its QE program but kept the €60 billion per month unchanged against market expectations.

    The pair climbed to a peak of 134.49 before pulling back below the 134 mark. At time of writing, EUR/JPY is trading at 133.93, still recording a 2.4% daily gain.

    EUR/JPY levels to watch


    As for technical levels, next resistances line up at 134.62 (100-day SMA) and 135.00 (psychological level), while supports are seen at 133.23 (50-day SMA), 133.00 (psychological level) and then 132.25 (Nov 19 high).
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